Secrets for starting a business
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There are lots of great reasons to want to start a business: solving a problem, pursuing a passion, even making some money. It takes a lot of dedication and hard work, and even if you do everything right, it may not work out. But that doesn’t necessarily mean you failed — thinking through a business idea can build some really great skills! This week, we talk with a bunch of experts — kids and grown-ups — about turning an idea into a full-blown business. Plus, Jed bakes us some cookies! It’s our last episode of the season… and it’s gonna be yummy.
And now … tips for grown-ups listening to “Million Bazillion” with kids
Take a minute to recap the episode and review the key points. Here are some questions to get the kids going:
- What’s the business that Maya, our 8-year-old guest, started while she was quarantining with her family?
- Who did Maya interview on the episode, and what was the business that person started?
- Jed talked to Jessie Janowitz, author of “The Doughnut Fix,” about starting a business. She explained that you need to have what’s called a “business plan.” What does a business plan need to include?
- What great business idea did Jed ultimately decide to do?
Thinking about starting a business can be a useful lesson for kids, even if it’s all hypothetical. The process of identifying a need, focusing in on a problem they’re passionate about solving, then thinking through the elements of a business plan are important skills.
Here’s some more great advice and a few resources from our guests and one other famous young entrepreneur:
- The (free) “Start-Your-Own-Business Activity Kit” from author Jessie Janowitz
- Marketplace’s Kai Ryssdal interviews Patrice Banks of Girls Auto Clinic
- An excerpt from the book“Bee Fearless: Dream Like a Kid,” by 15-year-old social entrepreneur Mikaila Ulmer, who launched Me & the Bees Lemonade a decade ago
Thanks for listening to our first season of “Million Bazillion,” we couldn’t do it without you! And hey, we’re not going away — so if there’s something you still want to know, or a story you want to share with us, please get in touch. You can send us a message by clicking here.
Money talks answers
- A nail salon and car wash.
- Patrice Banks. Girls Auto Clinic, run by and for women.
- The idea for your business; your “hook” or why it’s a great idea; and what you need to get it going, from materials to capital (A.K.A.money).
- Making cookie dough.
The future of this podcast starts with you.
It’s official: kids love “Million Bazillion!” From fun, creative lessons about trade to silly skits about the foundation of our economy, Jed Kim and the “Million Bazillion” team are committed to making kids and their families smarter about all things money.
We know you wish you had this podcast when you were a kid—and now you can make it possible for a child in your life.
Thanks to our sponsors
This show is made possible in part by The Ranzetta Family Charitable Fund and Next Gen Personal Finance, supporting Marketplace’s work to make younger audiences smarter about the economy. Next Gen Personal Finance is a non-profit that believes all students benefit from having a financial education before they cross the stage at high school graduation.
Kids learn by doing. Now, kids can do money with Greenlight — the debit card for kids that parents manage by app. Greenlight saves parents time and brings them peace of mind with instant money transfers, flexible spend controls and more while kids learn smart spending habits and the power of saving.